Bridge — box instead of Vorfinanzierung?

New flat closes before the old one settles. Three ways to bridge: bank Vorfinanzierung, box spread, or sell investments.

Bridge amount EUR

€

Duration 6m

Tune assumptions

Bank Vorfin rate 7.00%

Portfolio unrealized gain (for C) 40%

Portfolio return (for C) 6.5%

Termingeschäft loss offset · box loss ↔ Kapitalerträge per JStG 2024 (26.375%)

Box rate pulled live from the EUR curve at the exact tenor. With offset on, the box loss reduces tax owed on other Kapitalerträge in the same year.

Box saves vs. bank · €10,779

Box rate (6m EUR) · 2.34%

Offset on — box cost net of −€1,228 tax refund

A · Bank Vorfin 7.00%

€14,206

B · Box spread 2.34%

€3,427

C · Sell investments

€48,686

How the comparison works

Short-term bridge facility from the house bank. Fast, but expensive — retail rates typically sit at 6–9% p.a. even for short tenors.

Short box on EUREX with tenor matching the bridge. Collateralised by the portfolio, rate typically near ESTER + 30–80bp.

Sell enough ETF to cover the bridge — Abgeltungsteuer on the realised gain portion. With a large unrealised pile this gets expensive fast.